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Whither consumer credit counseling?

Author

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  • Robert M. Hunt

Abstract

Bob Hunt outlines the history of credit counseling in the U.S. He also observes that, despite its long track record, the credit counseling industry is not without controversy. For example, in recent years, concerns about conflicts of interest and the emergence of a new type of credit counseling agency have triggered significant legislative and regulatory activity. Hunt notes that there is evidence that credit counseling organizations are effective in helping some consumers. However, he points out that the lack of formal research in this area makes it difficult to interpret information and a lot more research needs to be done before we can reach any definitive conclusions. ; Also issued as Payment Cards Center Discussion Paper No. 05-22

Suggested Citation

  • Robert M. Hunt, 2005. "Whither consumer credit counseling?," Business Review, Federal Reserve Bank of Philadelphia, issue Q4, pages 9-20.
    • Handle: RePEc:fip:fedpbr:y:2005:i:q4:p:9-20
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    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/economy/articles/business-review/2005/q4/Q4_05_ConsumerCounsel.pdf
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    Cited by:

    1. Guo, Lin & Xiao, Jing Jian & Tang, Chuanyi, 2009. "Understanding the psychological process underlying customer satisfaction and retention in a relational service," Journal of Business Research, Elsevier, vol. 62(11), pages 1152-1159, November.
    2. Stephanie M. Wilshusen, 2011. "Meeting the demand for debt relief," Consumer Finance Institute discussion papers 11-04, Federal Reserve Bank of Philadelphia.
    3. Burke, Jeremy, 2021. "Do prize-linked incentives promote positive financial behavior? Evidence from a debt reduction intervention," Journal of Public Economics, Elsevier, vol. 204(C).

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    Keywords

    Credit counseling;

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